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flipper?

jeremiah_lopezjeremiah_lopez
edited May 2007 in Housing Bubble
http://www.redfin.com/stingray/do/print ... -id=600077

It's got to be. 167K appreciation in 8 months?!? No wonder it's been on the market for 52 days.

Comments

  • mike2mike2
    No doubt. With all the new construction in that size and price range, it is puzzling that people are trying to flip 1960's style houses in that zip code. On the + side, it's hard to find 10,000 sq ft lots on new construction homes.
  • deejayohdeejayoh
    Definite flipper. Based on the cheesy remodel, I'd say they're into it for purchase + $40-60k upgrades - so maybe $420k tops. Plus they'll be paying at least $15k buyer's agent fee - probably are either an agent or have a sweetheart deal on seller's agent fee - so break even is around $435-450k.

    Given that the Zestimate is $340-416k - I'd say they have a challengen unloading this one profitably. Already dropped price by $15k last week.

    I helped a friend flip a similar house in Redmond in 2005. The numbers were almost the same. We thought we'd make a killing, and got out with about $2k profit. That was 1/2 mile from Microsoft campus and in a MUCH hotter market. Good luck to this guy!
  • brettrobrettro
    This one had me rollin' when I came across it:
    http://www.redfin.com/stingray/do/printable-listing?listing-id=734579

    sold in March for $295k, now back on the market for $440k
  • tacomatrolltacomatroll
    I seem to be the lone tacoma bubble watcher. You will not believe the amount of flippers here, most from California.

    This is a local flipper, bought in January 2007 for 660K, initially on the market a month ago for 860K, price reduced to current 789K

    :lol:

    http://www.redfin.com/stingray/do/print ... -id=710616
  • tacomatrolltacomatroll
    http://www.redfin.com/stingray/do/print ... -id=717184

    Bought in August 2006 for 315K. SPent 100K to fix. Now on market for 619K or over a 200K profit margin.

    :lol:
  • deejayohdeejayoh
    Bought in August 2006 for 315K. SPent 100K to fix. Now on market for 619K or over a 200K profit margin.

    Zestimate is $278-352k. Somebody is smoking something there. Not sure on which end. Doesn't look like much of a remodel.

    I do love those mid-century places though...
  • aylesayles
    deejayoh wrote:
    Bought in August 2006 for 315K. SPent 100K to fix. Now on market for 619K or over a 200K profit margin.

    Zestimate is $278-352k. Somebody is smoking something there. Not sure on which end. Doesn't look like much of a remodel.

    I do love those mid-century places though...

    Agreed! That home style is really cool. Seems to be a fair amount of it in the Seattle area. Blows the pants off of anything they are building now.
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